I sure hope it doesn't happen to me. I have purchased 2 Mg rods since Christmas. I have the "Chatterbait" and "Crankbait" 7' glass/graphite one.
I just got a chance to fish them in our first tourney on 3-15-08 and would FREAK if they snapped like this with a wicked strike! (Not to mention my wife, for all of the grief she has given me about buying new rods.)
Since it's only 41-42 degrees in our IN lakes and reservoirs, the fishing is still slow, but come spawn and crankbait time, I expect some wicked hits! We'll see how they do then.

P.S. Is your drag set correctly? I keep my 12lb lines set at about 2.5-3 lbs using my Rapala Digital Scale to check. I can only imagine most line snaps and rods failures occur, because guys have their drags set WAY TOO TIGHT for that initial hit.